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Uber Announces Results for First Quarter 2024

May 8, 2024 6:55 AM

Trips grew 21% year-over-year; MAPCs and monthly trips per MAPC grew 15% and 6% year-over-year, respectively

Gross Bookings grew 20% year-over-year and 21% year-over-year on a constant currency basis

Income from operations of $172 million; Adjusted EBITDA of $1.4 billion, up 82% year-over-year

Operating cash flow of $1.4 billion; Free cash flow of $1.4 billion

SAN FRANCISCO--(BUSINESS WIRE)-- Uber Technologies, Inc. (NYSE: UBER) today announced financial results for the quarter ended March 31, 2024.

“Our results this quarter once again demonstrate our ability to deliver consistent, profitable growth at scale,” said Dara Khosrowshahi, CEO. “More than 7 million people now choose to earn flexibly on Uber every month, with driver earnings of $16.6 billion continuing to grow faster than our topline.”

“Our multi-year growth framework is on track, with audience up 15% and frequency up 6% in Q1,” said Prashanth Mahendra-Rajah, CFO. “We reached a new quarterly record for Adjusted EBITDA, which grew 82% YoY, and we generated free cash flow of $4.2 billion over the trailing twelve months.”

Financial Highlights for First Quarter 2024

Outlook for Q2 2024

For Q2 2024, we anticipate:

Financial and Operational Highlights for First Quarter 2024

Three Months Ended March 31,

(In millions, except percentages)

2023

2024

% Change

% Change
(Constant Currency (1))

Monthly Active Platform Consumers (“MAPCs”)

130

149

15

%

Trips

2,124

2,572

21

%

Gross Bookings

$

31,408

$

37,651

20

%

21

%

Revenue

$

8,823

$

10,131

15

%

15

%

Income (loss) from operations

$

(262

)

$

172

**

Net loss attributable to Uber Technologies, Inc. (2)

$

(157

)

$

(654

)

**

Adjusted EBITDA (1)

$

761

$

1,382

82

%

Net cash provided by operating activities

$

606

$

1,416

134

%

Free cash flow (1)

$

549

$

1,359

148

%

(1)

See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

(2)

Q1 2023 net loss includes a $320 million net benefit (pre-tax) from revaluations of Uber’s equity investments. Q1 2024 net loss includes a $721 million net headwind (pre-tax) from revaluations of Uber’s equity investments.

**

Percentage not meaningful.

Results by Offering and Segment

Gross Bookings

Three Months Ended March 31,

(In millions, except percentages)

2023

2024

% Change

% Change
(Constant Currency)

Gross Bookings:

Mobility

$

14,981

$

18,670

25

%

26

%

Delivery

15,026

17,699

18

%

17

%

Freight

1,401

1,282

(8

)%

(9

)%

Total

$

31,408

$

37,651

20

%

21

%

Revenue

Three Months Ended March 31,

(In millions, except percentages)

2023

2024

% Change

% Change
(Constant Currency)

Revenue:

Mobility (1)

$

4,330

$

5,633

30

%

29

%

Delivery (2)

3,093

3,214

4

%

4

%

Freight

1,400

1,284

(8

)%

(8

)%

Total (3)

$

8,823

$

10,131

15

%

15

%

(1)

Mobility Revenue in Q1 2024 was negatively impacted by business model changes in some countries that classified certain sales and marketing costs as contra revenue by $328 million. These changes negatively impacted Mobility revenue YoY growth by 8 percentage points.

(2)

Delivery Revenue in Q1 2024 was negatively impacted by business model changes that classified certain sales and marketing costs as contra revenue by $414 million. These changes negatively impacted Delivery revenue YoY growth by 13 percentage points.

(3)

Total revenue in Q1 2024 was negatively impacted by business model changes in some countries that classified certain sales and marketing costs as contra revenue by $742 million. These changes negatively impacted total revenue YoY growth by 8 percentage points.

Revenue Margin

Three Months Ended March 31,

2023

2024

Mobility (1)

28.9

%

30.2

%

Delivery (2)

20.6

%

18.2

%

(1)

Mobility Revenue Margin in Q1 2024 was negatively impacted by business model changes in some countries that classified certain sales and marketing costs as contra revenue by 180 bps.

(2)

Delivery Revenue Margin in Q1 2024 was negatively impacted by business model changes that classified certain sales and marketing costs as contra revenue by 230 bps.

Adjusted EBITDA and Segment Adjusted EBITDA

Three Months Ended March 31,

(In millions, except percentages)

2023

2024

% Change

Segment Adjusted EBITDA:

Mobility

$

1,060

$

1,479

40

%

Delivery

288

528

83

%

Freight

(23

)

(21

)

9

%

Corporate G&A and Platform R&D (1)

(564

)

(604

)

(7

)%

Adjusted EBITDA (2)

$

761

$

1,382

82

%

(1)

Includes costs that are not directly attributable to our reportable segments. Corporate G&A also includes certain shared costs such as finance, accounting, tax, human resources, information technology and legal costs. Platform R&D also includes mapping and payment technologies and support and development of the internal technology infrastructure. Our allocation methodology is periodically evaluated and may change.

(2)

“Adjusted EBITDA” is a non-GAAP measure as defined by the SEC. See “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” sections herein for an explanation and reconciliations of non-GAAP measures used throughout this release.

Financial Highlights for the First Quarter 2024 (continued)

Mobility

Delivery

Freight

Corporate

GAAP and Non-GAAP Costs and Operating Expenses

Operating Highlights for the First Quarter 2024

Platform

Mobility

Delivery

Freight

Webcast and conference call information

A live audio webcast of our first quarter ended March 31, 2024 earnings release call will be available at https://investor.uber.com/, along with the earnings press release and slide presentation. The call begins on May 8, 2024 at 5:00 AM (PT) / 8:00 AM (ET). This press release, including the reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, is also available on that site.

We also provide announcements regarding our financial performance and other matters, including SEC filings, investor events, press and earnings releases, on our investor relations website (https://investor.uber.com/), and our blogs (https://uber.com/blog) and Twitter accounts (@uber and @dkhos), as a means of disclosing material information and complying with our disclosure obligations under Regulation FD.

About Uber

Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 49 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business expectations which involve risks and uncertainties. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “hope,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors relate to, among others: competition, managing our growth and corporate culture, financial performance, investments in new products or offerings, our ability to attract drivers, consumers and other partners to our platform, our brand and reputation and other legal and regulatory developments, particularly with respect to our relationships with drivers and couriers and the impact of the global economy, including rising inflation and interest rates. For additional information on other potential risks and uncertainties that could cause actual results to differ from the results predicted, please see our annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports and other filings filed with the Securities and Exchange Commission from time to time. All information provided in this release and in the attachments is as of the date of this press release and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

Non-GAAP Financial Measures

To supplement our financial information, which is prepared and presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we use the following non-GAAP financial measures: Adjusted EBITDA; Free cash flow; Non-GAAP Costs and Operating Expenses as well as, revenue growth rates in constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our recurring core business operating results.

We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business.

There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from these non-GAAP financial measures and evaluating these non-GAAP financial measures together with their relevant financial measures in accordance with GAAP.

For more information on these non-GAAP financial measures, please see the sections titled “Key Terms for Our Key Metrics and Non-GAAP Financial Measures,” “Definitions of Non-GAAP Measures” and “Reconciliations of Non-GAAP Measures” included at the end of this release. In regards to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP Adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items. These items include, but are not limited to, significant legal settlements, unrealized gains and losses on equity investments, tax and regulatory reserve changes, restructuring costs and acquisition and financing related impacts.

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

As of December 31, 2023

As of March 31, 2024

Assets

Cash and cash equivalents

$

4,680

$

5,019

Short-term investments

727

744

Restricted cash and cash equivalents

805

808

Accounts receivable, net

3,404

3,708

Prepaid expenses and other current assets

1,681

1,795

Total current assets

11,297

12,074

Restricted cash and cash equivalents

1,519

2,157

Restricted investments

4,779

4,812

Investments

6,101

5,587

Equity method investments

353

354

Property and equipment, net

2,073

2,033

Operating lease right-of-use assets

1,241

1,216

Intangible assets, net

1,425

1,335

Goodwill

8,151

8,089

Other assets

1,760

1,942

Total assets

$

38,699

$

39,599

Liabilities, redeemable non-controlling interests and equity

Accounts payable

$

790

$

833

Short-term insurance reserves

2,016

2,082

Operating lease liabilities, current

190

184

Accrued and other current liabilities

6,458

6,894

Total current liabilities

9,454

9,993

Long-term insurance reserves

4,722

5,346

Long-term debt, net of current portion

9,459

9,457

Operating lease liabilities, non-current

1,550

1,520

Other long-term liabilities

832

784

Total liabilities

26,017

27,100

Redeemable non-controlling interests

654

651

Equity

Common stock

—

—

Additional paid-in capital

42,264

42,743

Accumulated other comprehensive loss

(421

)

(437

)

Accumulated deficit

(30,594

)

(31,248

)

Total Uber Technologies, Inc. stockholders' equity

11,249

11,058

Non-redeemable non-controlling interests

779

790

Total equity

12,028

11,848

Total liabilities, redeemable non-controlling interests and equity

$

38,699

$

39,599

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share amounts which are reflected in thousands, and per share amounts)

(Unaudited)

Three Months Ended March 31,

2023

2024

Revenue

$

8,823

$

10,131

Costs and expenses

Cost of revenue, exclusive of depreciation and amortization shown separately below

5,259

6,168

Operations and support

640

685

Sales and marketing

1,262

917

Research and development

775

790

General and administrative

942

1,209

Depreciation and amortization

207

190

Total costs and expenses

9,085

9,959

Income (loss) from operations

(262

)

172

Interest expense

(168

)

(124

)

Other income (expense), net

292

(678

)

Loss before income taxes and income (loss) from equity method investments

(138

)

(630

)

Provision for income taxes

55

29

Income (loss) from equity method investments

36

(4

)

Net loss including non-controlling interests

(157

)

(663

)

Less: net loss attributable to non-controlling interests, net of tax

—

(9

)

Net loss attributable to Uber Technologies, Inc.

$

(157

)

$

(654

)

Net loss per share attributable to Uber Technologies, Inc. common stockholders:

Basic

$

(0.08

)

$

(0.31

)

Diluted

$

(0.08

)

$

(0.32

)

Weighted-average shares used to compute net loss per share attributable to common stockholders:

Basic

2,009,557

2,078,467

Diluted

2,009,557

2,080,168

UBER TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended March 31,

2023

2024

Cash flows from operating activities

Net loss including non-controlling interests

$

(157

)

$

(663

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

207

194

Bad debt expense

20

26

Stock-based compensation

470

484

Deferred income taxes

10

(16

)

Loss (income) from equity method investments, net

(36

)

4

Unrealized (gain) loss on debt and equity securities, net

(320

)

721

Impairments of goodwill, long-lived assets and other assets

67

—

Unrealized foreign currency transactions

83

150

Other

4

(59

)

Change in assets and liabilities, net of impact of business acquisitions and disposals:

Accounts receivable

168

(422

)

Prepaid expenses and other assets

(119

)

(322

)

Operating lease right-of-use assets

52

46

Accounts payable

(7

)

46

Accrued insurance reserves

350

693

Accrued expenses and other liabilities

(142

)

590

Operating lease liabilities

(44

)

(56

)

Net cash provided by operating activities

606

1,416

Cash flows from investing activities

Purchases of property and equipment

(57

)

(57

)

Purchases of non-marketable equity securities

—

(174

)

Purchases of marketable securities

(846

)

(2,029

)

Proceeds from maturities and sales of marketable securities

500

2,030

Proceeds from sale of equity method investment

—

9

Other investing activities

4

(21

)

Net cash used in investing activities

(399

)

(242

)

Cash flows from financing activities

Issuance of term loans and notes, net of issuance costs

1,121

—

Principal repayment on term loan and notes

(1,137

)

(6

)

Principal payments on finance leases

(40

)

(42

)

Other financing activities

(51

)

(52

)

Net cash used in financing activities

(107

)

(100

)

Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents

16

(94

)

Net increase in cash and cash equivalents, and restricted cash and cash equivalents

116

980

Cash and cash equivalents, and restricted cash and cash equivalents

Beginning of period

6,677

7,004

End of period

$

6,793

$

7,984

Other Income (Expense), Net

The following table presents other income (expense), net (in millions):

Three Months Ended March 31,

2023

2024

(Unaudited)

Interest income

$

87

$

159

Foreign currency exchange losses, net

(94

)

(164

)

Unrealized gain (loss) on debt and equity securities, net (1)

320

(721

)

Other, net

(21

)

48

Other income (expense), net

$

292

$

(678

)

(1)

During the three months ended March 31, 2023, unrealized gain on debt and equity securities, net primarily represents changes in the fair value of our equity securities, primarily including: a $357 million unrealized gain on our Didi investment and a $54 million unrealized gain on our Aurora investment, partially offset by a $113 million unrealized loss on our Grab investment.

During the three months ended March 31, 2024, unrealized loss on debt and equity securities, net primarily represents changes in the fair value of our equity securities, primarily including: a $505 million unrealized loss on our Aurora investment, a $123 million unrealized loss on our Grab investment, and a $69 million unrealized loss on our Didi investment.

Stock-Based Compensation Expense

The following table summarizes total stock-based compensation expense by function (in millions):

Three Months Ended March 31,

2023

2024

(Unaudited)

Operations and support

$

38

$

67

Sales and marketing

24

21

Research and development

290

299

General and administrative

118

97

Total

$

470

$

484

Key Terms for Our Key Metrics and Non-GAAP Financial Measures

Adjusted EBITDA. Adjusted EBITDA is a Non-GAAP measure. We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition, financing and divestitures related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance.

Adjusted EBITDA margin. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of Gross Bookings. We define incremental margin as the change in Adjusted EBITDA between periods divided by the change in Gross Bookings between periods.

Aggregate Driver and Courier Earnings. Aggregate Driver and Courier Earnings refers to fares (net of Uber service fee, taxes and tolls), tips, Driver incentives and Driver benefits.

Driver(s). The term Driver collectively refers to independent providers of ride or delivery services who use our platform to provide Mobility or Delivery services, or both.

Driver or restaurant earnings. Driver or restaurant earnings refer to the net portion of the fare or the net portion of the order value that a Driver or a restaurant retains, respectively. These are generally included in aggregate Drivers and Couriers earnings.

Driver incentives. Driver incentives refer to payments that we make to Drivers, which are separate from and in addition to the Driver’s portion of the fare paid by the consumer after we retain our service fee to Drivers. For example, Driver incentives could include payments we make to Drivers should they choose to take advantage of an incentive offer and complete a consecutive number of trips or a cumulative number of trips on the platform over a defined period of time. Driver incentives are recorded as a reduction of revenue or cost of revenue, exclusive of depreciation and amortization. These incentives are generally included in aggregate Drivers and Couriers earnings.

Free cash flow. Free cash flow is a Non-GAAP measure. We define free cash flow as net cash flows from operating activities less capital expenditures.

Gross Bookings. We define Gross Bookings as the total dollar value, including any applicable taxes, tolls, and fees, of: Mobility rides; Delivery orders (in each case without any adjustment for consumer discounts and refunds); Driver and Merchant earnings; Driver incentives and Freight Revenue. Gross Bookings do not include tips earned by Drivers. Gross Bookings are an indication of the scale of our current platform, which ultimately impacts revenue.

Monthly Active Platform Consumers (“MAPCs”). We define MAPCs as the number of unique consumers who completed a Mobility ride or received a Delivery order on our platform at least once in a given month, averaged over each month in the quarter. While a unique consumer can use multiple product offerings on our platform in a given month, that unique consumer is counted as only one MAPC.

Revenue Margin. We define Revenue Margin as revenue as a percentage of Gross Bookings.

Segment Adjusted EBITDA. We define each segment’s Adjusted EBITDA as segment revenue less the following direct costs and expenses of that segment: (i) cost of revenue, exclusive of depreciation and amortization; (ii) operations and support; (iii) sales and marketing; (iv) research and development; and (v) general and administrative. Segment Adjusted EBITDA also reflects any applicable exclusions from Adjusted EBITDA.

Segment Adjusted EBITDA margin. We define each segment’s Adjusted EBITDA margin as the segment Adjusted EBITDA as a percentage of segment Gross Bookings.

Trips. We define Trips as the number of completed consumer Mobility rides and Delivery orders in a given period. For example, an UberX Share ride with three paying consumers represents three unique Trips, whereas an UberX ride with three passengers represents one Trip. We believe that Trips are a useful metric to measure the scale and usage of our platform.

Definitions of Non-GAAP Measures

We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), income (loss) from operations, and other results under GAAP, we use: Adjusted EBITDA; Free cash flow; Non-GAAP Costs and Operating Expenses; as well as, revenue growth rates in constant currency, which are described below, to evaluate our business. We have included these non-GAAP financial measures because they are key measures used by our management to evaluate our operating performance. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. Our calculation of these non-GAAP financial measures may differ from similarly-titled non-GAAP measures, if any, reported by our peer companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss), excluding (i) income (loss) from discontinued operations, net of income taxes, (ii) net income (loss) attributable to non-controlling interests, net of tax, (iii) provision for (benefit from) income taxes, (iv) income (loss) from equity method investments, (v) interest expense, (vi) other income (expense), net, (vii) depreciation and amortization, (viii) stock-based compensation expense, (ix) certain legal, tax, and regulatory reserve changes and settlements, (x) goodwill and asset impairments/loss on sale of assets, (xi) acquisition, financing and divestitures related expenses, (xii) restructuring and related charges and (xiii) other items not indicative of our ongoing operating performance.

We have included Adjusted EBITDA because it is a key measure used by our management team to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management team and board of directors. In addition, it provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and certain variable charges.

Legal, tax, and regulatory reserve changes and settlements

Legal, tax, and regulatory reserve changes and settlements are primarily related to certain significant legal proceedings or governmental investigations related to worker classification definitions, or tax agencies challenging our non-income tax positions. These matters have limited precedent, cover extended historical periods and are unpredictable in both magnitude and timing, therefore are distinct from normal, recurring legal, tax and regulatory matters and related expenses incurred in our ongoing operating performance.

Limitations of Non-GAAP Financial Measures and Adjusted EBITDA Reconciliation

Adjusted EBITDA has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

Constant Currency

We compare the percent change in our current period results from the corresponding prior period using constant currency disclosure. We present constant currency growth rate information to provide a framework for assessing how our underlying revenue performed excluding the effect of foreign currency rate fluctuations. We calculate constant currency by translating our current period financial results using the corresponding prior period’s monthly exchange rates for our transacted currencies other than the U.S. dollar.

Free Cash Flow

We define free cash flow as net cash flows from operating activities less capital expenditures.

Non-GAAP Costs and Operating Expenses

Costs and operating expenses are defined as: cost of revenue, exclusive of depreciation and amortization; operations and support; sales and marketing; research and development; and general and administrative expenses. We define Non-GAAP costs and operating expenses as costs and operating expenses excluding: (i) stock-based compensation expense, (ii) certain legal, tax, and regulatory reserve changes and settlements, (iii) goodwill and asset impairments/loss on sale of assets, (iv) acquisition, financing and divestiture related expenses, (v) restructuring and related charges and (vi) other items not indicative of our ongoing operating performance.

Reconciliations of Non-GAAP Measures

Adjusted EBITDA

The following table presents reconciliations of Adjusted EBITDA to the most directly comparable GAAP financial measure for each of the periods indicated:

Three Months Ended March 31,

(In millions)

2023

2024

Adjusted EBITDA reconciliation:

Net loss attributable to Uber Technologies, Inc.

$

(157

)

$

(654

)

Add (deduct):

Net loss attributable to non-controlling interests, net of tax

—

(9

)

Provision for income taxes

55

29

(Income) loss from equity method investments

(36

)

4

Interest expense

168

124

Other (income) expense, net

(292

)

678

Income (loss) from operations

(262

)

172

Add (deduct):

Depreciation and amortization

207

190

Stock-based compensation expense

470

484

Legal, tax, and regulatory reserve changes and settlements

250

527

Goodwill and asset impairments/loss on sale of assets

67

(3

)

Acquisition, financing and divestitures related expenses

8

5

Gain on lease arrangement, net

(1

)

—

Restructuring and related charges, net

22

7

Adjusted EBITDA

$

761

$

1,382

Free Cash Flow

The following table presents reconciliations of free cash flow to the most directly comparable GAAP financial measure for each of the periods indicated:

Three Months Ended March 31,

(In millions)

2023

2024

Free cash flow reconciliation:

Net cash provided by operating activities

$

606

$

1,416

Purchases of property and equipment

(57

)

(57

)

Free cash flow

$

549

$

1,359

Non-GAAP Costs and Operating Expenses

The following tables present reconciliations of Non-GAAP costs and operating expenses to the most directly comparable GAAP financial measure for each of the periods indicated:

Three Months Ended

(In millions)

March 31, 2023

December 31, 2023

March 31, 2024

Non-GAAP Cost of revenue exclusive of depreciation and amortization reconciliation:

GAAP Cost of revenue exclusive of depreciation and amortization

$

5,259

$

6,057

$

6,168

Restructuring and related charges

—

(9

)

—

Non-GAAP Cost of revenue exclusive of depreciation and amortization

$

5,259

$

6,048

$

6,168

Three Months Ended

(In millions)

March 31, 2023

December 31, 2023

March 31, 2024

Non-GAAP Operating Expenses

Non-GAAP Operations and support reconciliation:

GAAP Operations and support

$

640

$

702

$

685

Restructuring and related charges

(8

)

(3

)

(2

)

Acquisition, financing and divestitures related expenses

(3

)

(1

)

—

Stock-based compensation expense

(38

)

(52

)

(67

)

Non-GAAP Operations and support

$

591

$

646

$

616

Non-GAAP Sales and marketing reconciliation:

GAAP Sales and marketing

$

1,262

$

935

$

917

Restructuring and related charges

(1

)

(1

)

(1

)

Stock-based compensation expense

(24

)

(22

)

(21

)

Non-GAAP Sales and marketing

$

1,237

$

912

$

895

Non-GAAP Research and development reconciliation:

GAAP Research and development

$

775

$

784

$

790

Restructuring and related charges

(11

)

(3

)

(3

)

Stock-based compensation expense

(290

)

(298

)

(299

)

Non-GAAP Research and development

$

474

$

483

$

488

Non-GAAP General and administrative reconciliation:

GAAP General and administrative

$

942

$

603

$

1,209

Legal, tax, and regulatory reserve changes and settlements

(250

)

73

(527

)

Goodwill and asset impairments/loss on sale of assets

(67

)

1

3

Restructuring and related charges

(2

)

—

(1

)

Acquisition, financing and divestitures related expenses

(5

)

(8

)

(5

)

Gain (loss) on lease arrangements, net

1

(8

)

—

Stock-based compensation expense

(118

)

(97

)

(97

)

Non-GAAP General and administrative

$

501

$

564

$

582

Investors and analysts: [email protected]

Media: [email protected]

Source: Uber Technologies, Inc.

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